VARIABILITY OF INDEBTEDNESS RATIOS IN RELATION TO THE ADDITION OF LIABILITIES CONTINGENT IN THE EQUITY STRUCTURE OF COMPANIES LISTED ON THE BM&FBOVESPA
DOI:
https://doi.org/10.11606/rco.v8i22.63286Keywords:
Indebtedness ratios, Contingent liabilities, Information asymmetry.Abstract
The study aims to analyze if there is variability in indebtedness ratios in relation to the addition of contingent liabilities of the group non-current liabilities of companies listed in different levels of corporate governance of BM&FBovespa in the periods of 2010 and 2011. The research is characterized as descriptive and documental conducted through content analysis of explanatory notes. Regarding problem of approach is characterized as quantitative research, applying descriptive statistics and T Test for paired samples. The research contemplated the following indebtedness ratios: Debt Quantity, Quality Debt, Grade Debt and Debt General. The indebtedness ratios were calculated under two conditions, the first, according to data published in the Balance Sheet. The second, based on the values of contingent liabilities identified in the explanatory notes. Following those values were added to group of the non-current liabilities of each company. Thus, allowed the analysis of the variability of indebtedness ratios in the circumstances of disclosure or not the contingent liabilities in the Balance Sheet of the companies. Results demonstrate statistically significant differences in variability of the four analyzed indebtedness ratios. Only Debt Grade in 2010 showed no significant statistical variability. The Debt General presented lower correlation compared to other, presumably didn´t change significantly with the addition of contingent liabilities. It´s understood, however, that the information asymmetry is relevant as regards the absence of accounting disclosure of contingent liabilities in the Balance Sheet.
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